Lacking that measurement means they have no way of knowing how to manage those costs or improve their operations.
Other survey responses about obstacles to revenue growth were fairly evenly spread across factors: insufficient integration with care partners (45%); lack of technology in place to achieve goals (34%); regulatory compliance (33%). This grouping of “barriers” is an indication that achieving sustainable cost reductions touches on all aspects of provider organizations.
The survey also found that 49% of respondents say that the transition from fee-for-service to value-based care has either significantly improved or somewhat improved their cost containment efforts. And while healthcare reform has been a driver of positive change, the progress is slower than most would prefer. Driving down costs through purchasing and supply chain efficiencies and maximizing revenue collection through disciplined revenue cycle practices remain effective strategies, according to the survey report.
Chad A. Eckes, MBA, executive vice president of corporate services and CFO at Wake Forest Baptist Medical Center, says, “The biggest thing is getting people to standardize their approach to doing things and realize that cost management and reducing some of the waste is as important as the rest of their job.”
Well said.